Municipal Employees Retirement System of Michigan increased its position in shares of Knight Transportation, Inc. (NYSE:KNX) by 3.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,740 shares of the transportation company’s stock after buying an additional 560 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Knight Transportation were worth $583,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in KNX. Teachers Advisors LLC raised its position in Knight Transportation by 2.0% in the fourth quarter. Teachers Advisors LLC now owns 110,134 shares of the transportation company’s stock worth $3,640,000 after buying an additional 2,118 shares during the period. Bank of Montreal Can raised its position in Knight Transportation by 91.5% in the first quarter. Bank of Montreal Can now owns 8,858 shares of the transportation company’s stock worth $277,000 after buying an additional 4,233 shares during the period. Louisiana State Employees Retirement System raised its position in Knight Transportation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 27,200 shares of the transportation company’s stock worth $853,000 after buying an additional 500 shares during the period. Everence Capital Management Inc. bought a new position in Knight Transportation during the first quarter worth $207,000. Finally, Huntington National Bank raised its position in Knight Transportation by 17.4% in the first quarter. Huntington National Bank now owns 3,976 shares of the transportation company’s stock worth $125,000 after buying an additional 590 shares during the period. Institutional investors and hedge funds own 89.30% of the company’s stock.
Knight Transportation, Inc. (KNX) opened at 37.20 on Friday. Knight Transportation, Inc. has a 52 week low of $26.85 and a 52 week high of $38.80. The company has a 50 day moving average price of $36.37 and a 200-day moving average price of $34.06. The company has a market capitalization of $3.00 billion, a P/E ratio of 38.35 and a beta of 0.86.
Knight Transportation (NYSE:KNX) last released its quarterly earnings data on Wednesday, July 26th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.25. The firm had revenue of $273.20 million for the quarter, compared to analyst estimates of $283.88 million. Knight Transportation had a return on equity of 10.39% and a net margin of 7.03%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.31 earnings per share. On average, equities analysts anticipate that Knight Transportation, Inc. will post $0.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.06 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.24 annualized dividend and a yield of 0.65%. Knight Transportation’s dividend payout ratio is 25.00%.
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A number of brokerages have commented on KNX. UBS AG upgraded Knight Transportation from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $35.00 to $43.00 in a research report on Monday, April 24th. Deutsche Bank AG restated a “buy” rating and set a $39.00 price objective (down from $40.00) on shares of Knight Transportation in a research report on Friday, April 28th. Stephens upgraded Knight Transportation from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $36.00 to $42.00 in a research report on Monday, June 12th. BidaskClub upgraded Knight Transportation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Zacks Investment Research lowered Knight Transportation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $38.13.
In other news, COO Kevin Quast sold 3,469 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $31.71, for a total transaction of $110,001.99. Following the transaction, the chief operating officer now owns 63,497 shares in the company, valued at $2,013,489.87. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP James E. Jr. Updike sold 2,800 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $35.75, for a total value of $100,100.00. Following the transaction, the vice president now owns 16,096 shares in the company, valued at approximately $575,432. The disclosure for this sale can be found here. Insiders sold 11,144 shares of company stock worth $392,157 in the last 90 days. Corporate insiders own 9.90% of the company’s stock.
About Knight Transportation
Knight Transportation, Inc is a provider of multiple truckload transportation and logistics services, which involve the movement of trailer or container loads of freight from origin to destination for a single customer. The Company operates through two segments: Trucking and Logistics. Its Trucking segment consists of three operating units: dry van truckload, temperature-controlled truckload and drayage services.
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